Gap down opening on the cards
Indian equity benchmarks may witness a negative opening on Tuesday with traders likely to resort to profit taking after a six-day rally while weakness across most fellow Asian equities. SGX Nifty is trading at 26.50 points down.
The focus today will be on the June Services PMI data which will offer further cues over the health of Asia’s third biggest economy. India's NSE index rose to a 10-month high on Monday as Tata Motors rallied after posting stellar auto sales for June, with broader sentiment underpinned by a continued recovery in global markets from Britain's shock vote to leave the European Union..The S&P BSE Sensex and CNX Nifty rose 0.51%-0.49% each.
On Monday (July 04, 2016), the 30-share Sensex climbed by 133.85 points or by 0.49% to close at 27278.76, while the NSE Nifty ended at 8370.70 up by 42.35 points or by 0.51%.
Asian shares snapped a five-day winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit.
US Stock market were closed on account of Independence Day.
European shares ended a four-day winning streak on Monday, with battered banking stocks offsetting gains among mining shares boosted by higher metals prices.
Major Headlines of the day:
•ICICI Bank sells Essar steel loan exposure to Edelweiss ARC.
•Ramco Cements gets green nod to expand power plant in TN.
•JSW cement, Nirmal among buyers for Lafarge assets.
Trend in FII flows: The FIIs were net buyers of Rs 182.28 Cr in the cash segment on Monday while the DIIs were net buyers of Rs 377.45 Cr, as per the provisional figures.